Fed board nominee Randal Quarles faces Senate hearing


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Randal Quarles, a nominee to the Federal Reserve Board of Governors, goes before the Senate Banking Committee on Thursday.

President Donald Trump has nominated Quarles to the Federal Reserve board, and to be the first-ever vice chair for supervision.

If confirmed, Quarles would fill a role left vacant since the passing of the Dodd-Frank banking reforms as the central bank’s chief overseer of the financial system.

Quarles is the founder and head of The Cynosure Group, a private investment firm, and previously was a partner at private equity firm the Carlyle Group. He also has served as the undersecretary of the Treasury during George W. Bush’s administration.

Quarles is expected to show a looser hand toward regulation.

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